Posted on: 31st May, 2010 05:42 am
OK, hold onto your hats. Here is the story. 4 years ago I got a divorce and as alimony I payed the house payment for 4 years while she and the kids lived there. I also had to sign overa quit-claim to her. Now I am done with that and she has to buy it or sell it. Well she cant buy it and has put the sale price so high so that nobody will even look at it. The payment is coming due and I can't and won't make them anymore and I am ready to just let the mortgage co. have it and let them do whatever. Deed in lieu sounds great but since I am the only one on the mortgage and she holds the title, then hgow could that even work? My lawyer is useless to me and only wants more money for this crap he got me in. I am looking to you guys for help.! Any thoughts? PLEASE?
hi scott!
welcome to forums!
you will have to ask her to sign a quit claim deed and transfer the property back to you. then you can apply for a deed in lieu of foreclosure and try to get rid of the property. however, you should remember that as the mortgage is in your name, a deed in lieu of foreclosure will have a negative affect on your credit score. your score would go down by 250 points.
feel free to ask if you've further queries.
sussane
welcome to forums!
you will have to ask her to sign a quit claim deed and transfer the property back to you. then you can apply for a deed in lieu of foreclosure and try to get rid of the property. however, you should remember that as the mortgage is in your name, a deed in lieu of foreclosure will have a negative affect on your credit score. your score would go down by 250 points.
feel free to ask if you've further queries.
sussane
Have her sign the property back to you. The mortgage company will work with you to try to get you a deed in lieu of foreclosure. But you must list the property for sale 1st.
For you to be considered for a deed in lieu of foreclosure, you will need to list your property for sale if it is not already listed, and if your haven't sold your property in about 60 days then your mortgage company will look at taking the property back from you and clearing out your obligation to them. Yes you credit will decline some, but it can be built back up in a few short years, unlike a foreclosure sale which affects you a lot longer.
List it with a local realtor and keep a copy of the listing agreement.
[External linking deleted as per forum rules. Thanks.]
For you to be considered for a deed in lieu of foreclosure, you will need to list your property for sale if it is not already listed, and if your haven't sold your property in about 60 days then your mortgage company will look at taking the property back from you and clearing out your obligation to them. Yes you credit will decline some, but it can be built back up in a few short years, unlike a foreclosure sale which affects you a lot longer.
List it with a local realtor and keep a copy of the listing agreement.
[External linking deleted as per forum rules. Thanks.]